KUALA LUMPUR: Shares in Pentamaster Corp Bhd
slid by over 2% in early trade following news of its intention to privatise Hong Kong-listed Pentamaster International Ltd (PIL) for HK$158.5mil (RM92mil), or HK$0.93 (54 sen) per share.
The automation manufacturing and technology solutions provider fell 2.85%, or 12 sen, to RM4.09 at 10.07 am, making it the third-largest decliner on Bursa Malaysia.
Pentamaster currently owns 63.9% of PIL, a company listed on the main board of the Hong Kong Stock Exchange.
Under the proposed privatisation, Pentamaster and its partner Puga Holdings Ltd will acquire 7.1% and 29% stakes, respectively, in the HK unit at HK$0.93 per share (RM0.54), a 16.25% premium over its last traded price of HK$0.80 (RM0.46).
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